Claude has no ads, but its ad spend quadrupled
Anthropic's IPO filing (S-1) lists advertising expenses of $33 million in 2024 and $147 million in 2025. Digiday reported this on October 27, 2026, and we checked it against the original filing. Marketing and advertising expenses in the first half of this year rose $273 million from the same period last year.
Key facts
| Reported | October 27, 2026 |
|---|---|
| 2024 advertising expenses | $33 million |
| 2025 advertising expenses | $147 million |
| 2025 marketing and advertising | Up $170 million from the prior year |
| First half of 2026 | Marketing and advertising up $273 million from the same period a year earlier |
What happened
Digiday reported, based on Anthropic's IPO filing, that its advertising expenses rose sharply. We checked the numbers directly against the original S-1. They grew more than fourfold, from $33 million in 2024 to $147 million in 2025. Advertising expenses for 2023 are described as not material.
Where the money went
- The filing attributes the 2025 increase to media and PR costs supporting product launches.
- Marketing and advertising expenses in 2025 rose $170 million from the prior year. This is a broader line than advertising expenses.
- Marketing and advertising expenses in the first half of 2026 rose $273 million from the same period a year earlier.
- The largest part of the increase in sales, marketing and partnership costs in the same period is a $2.7 billion rise in channel partner fees.
- According to Digiday, no breakdown by channel (TV, social and so on) is given.
Why it is worth noting
Digiday notes that Anthropic used a Super Bowl ad this year to say it would not put ads in Claude. Our reading: the structure is no ads inside the product, with advertising outside it to bring people in.
An eMarketer analyst quoted by Digiday said "brand" appears more than 50 times in the filing's risk factors, and assessed that the company sees its brand as a major asset. Anthropic did not respond to Digiday's questions.
Reading the numbers
- Advertising expenses and marketing and advertising expenses are different lines. The $273 million should not be read as advertising alone.
- We could not find a separate figure for advertising expenses alone in the first half of 2026.
- The S-1 is a registration statement for an IPO. The numbers are the values Anthropic submitted.
See for yourself
You can watch Anthropic's ads in the site's video news. In the S-1, search for "Advertising expenses" at the link above.
Sources
Questions
How much did Anthropic's ad spend grow?
From $33 million in 2024 to $147 million in 2025.
Is the $273 million advertising only?
No. It is the increase from a year earlier in a combined marketing and advertising line for the first half of 2026.
Where was this checked?
We read the Digiday report and checked the advertising figures and increases against the original S-1.
